HMRC has issued clarification on The Offshore Funds (Tax) Regulations 2009 for offshore funds potentially liable to tax in respect of a UK trade carried on through a permanent establishment or agent.
The clarification which is a response to industry speculation as to whether regulations, dealing with when transactions by certain offshore 'reporting' funds are not treated as trading transactions for the purposes of computing 'reportable income', are relevant to such funds potentially trading in the UK through a permanent establishment or agent.
HMRC have confirmed that the regulations are not relevant in such instances. Funds that are taxable in the UK are dealt with by other legislation.
The full text of the clarification is available here.